Copper is an essential industrial metal used worldwide. Copper prices are followed in financial markets around the globe and the metal is growing in popularity. Copper is widely used in construction and because of its electrical properties is found in wires and circuit boards. Copper is mined in open mines around the world, with Chile and the United States leading in overall copper production. The demand for copper is increasing as countries such as China and India continue to develop, while the supply remains tight. The growing demand and constrained supply is likely to keep copper prices volatile in the near future. Copper prices are commonly quoted in USD.
This whole thing looks big corrective structure in making because there are lots of incomplete moves, so buy it in lower timeframe after minor correction and keep that until breaks previous top, it will go up down for sometime in big corrective pattern.
Cu
CMP 3.26
Target 3.80
Stop 3.05
Weekly chart
30/200 crossover
Reverse head and shoulder and price past neckline resistance.
Series of HHs and HLs confirms price in the process of a promising uptrend.
Copper has broker the lower wall of previous upward parallel channel few days back and currently travelling in downward channel, we can see some up movement to taste the upper wall of the current up channel but if goes down and break the strong support at 2.465 and sustains below then a huge downfall movement can be seen....
as of now my current strategy would be ...
As per Daily chart, the price action is consolidating in a symmetrical triangle. Showcasing Lower Highs and Higher Lows. Enter at Breakout to gain best out of it.
Copper is a buying opportunity upon 50 to 61.8% fib retracement levels around 2.085 levels with stoploss just below 2.06 for targets of 2.15 / 2.20. This could turn out to be a correction or the start of a new rally.. Price action would give more details.
Happy Trading!!
